Speaker 1: Bloomberg Audio Studios, podcasts, radio news.
Speaker 2: The Stock Movers Report, your roundup of companies making moves
Speaker 2: in the stock market, harnessing the power of Bloomberg Data.
Speaker 1: Let's take a look at some stacks on the move today.
Speaker 3: Let's start with the biopharma sector. There's a big winner
Speaker 3: there this morning. Forte Biosciences ticker symbol FBRX. This is
Speaker 3: a clinical stage biopharma company based in Dallas. It's up
Speaker 3: thirty six percent right now. It has been on a
Speaker 3: tear though. Guys, up one hundred percent year to date,
Speaker 3: three hundred and seventy percent in the past year. This
Speaker 3: is a company with a market cap of about one
Speaker 3: point one billion dollars. It is being bought out by
Speaker 3: the Netherlands based Rgenix for two point two billion in cash.
Speaker 3: That's seventy seven dollars a share. Just to give you
Speaker 3: an idea, last traded at about fifty five dollars a share.
Speaker 3: So Fortes developing a promising drug for treating videligo and
Speaker 3: celiac disease that they say could be used to address
Speaker 3: multiple autoimmune conditions.
Speaker 1: ID thing this weekend. I had no idea how big
Speaker 1: ASML is in the Netherlands.
Speaker 3: Oh, it's huge.
Speaker 1: It's like ginormous. There's no American equivalent. No, it's ginormous.
Speaker 3: They got some winners over there in the Netherlands. All right,
Speaker 3: let's stick with medical, shall we, and go Astrozenica little
Speaker 3: overseas there a z and is the ticker symbol up
Speaker 3: about oh, just one percent. It has been down three
Speaker 3: and a half percent though year to date. It reported
Speaker 3: higher than expected profit, boosted by its blockbuster cancer medications,
Speaker 3: earnings per share rising twenty one percent. Last quarter. The
Speaker 3: company also released some promising results for an experimental treatment
Speaker 3: for gastrect cancers. It now expects sales of more than
Speaker 3: five billion dollars a year for an experimental drug for
Speaker 3: chronic obstructive pulmonary disease. So that's stock getting a bit
Speaker 3: of a lift today.
Speaker 1: I look up when there's an ad on TV old
Speaker 1: fard add we're all Diane, this will save you. I
Speaker 1: look up with the old costs for these drugs. They're
Speaker 1: like twenty five thou thirty thousand bucks a year, and
Speaker 1: then it's paid by I don't know who pays for it.
Speaker 3: It's all man grounded in mystery, and it shouldn't.
Speaker 1: Be yeah, well said, And it comes down to, like
Speaker 1: you pay a dollar two ninety eight, everybody else pays.
Speaker 1: I don't know who the everybody else is, like through
Speaker 1: through the ring, insurance or whatever. We need somebody to
Speaker 1: come in and clear it up for us. Yes, we do.
Speaker 3: This one was I picked this one especially for Paul Sweety.
Speaker 3: Paramounts guidance so down just fractionally, and Warner Brothers down
Speaker 3: one point six percent. But these two are at the altar.
Speaker 3: They just cannot tie the knot Paramount and Warner Brothers
Speaker 3: still tethered to one another. A federal court considering claims
Speaker 3: that their eighty one billion dollar deal violates antitrust law.
Speaker 3: And guess what, this case could stretch well into next year. Meanwhile,
Speaker 3: it's going to be ticking on what Paramount owes Warner
Speaker 3: Brothers in terms of late fees or if it ultimately
Speaker 3: doesn't happen, there's a huge breakup fee.
Speaker 1: Huge.
Speaker 4: I mean the attorney for Warner Brothers, Discovery I think
Speaker 4: did a great job here. They saw this coming potentially
Speaker 4: maybe not from the States, but and they said, if
Speaker 4: this happens, we're gonna get paid for this incremental reason.
Speaker 3: So here's my question if it doesn't happen yep, Warner
Speaker 3: Brothers gets paid richly, and then what happens who comes in,
Speaker 3: swoops in and buys them.
Speaker 4: No idea and who operates these companies? I'm like, how
Speaker 4: are these companies are going to operate over the next
Speaker 4: twelve months while this trial goes on. Are they going
Speaker 4: to make investments?
Speaker 1: Or twenty seconds and we'll do this longer. Is this
Speaker 1: affected by the midterm elections?
Speaker 4: The good news is that CNN will stay. This is
Speaker 4: according to CNN, they will remain independent through the elections,
Speaker 4: and for them that's important.
Speaker 1: Okay, yep, delicate questions.
Speaker 2: This stock Movers report from Bloomberg Radio. Check back with
Speaker 2: us throughout the day for the latest roundup of companies
Speaker 2: making news on Wall Street and for the latest market
Speaker 2: moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube,
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Speaker 2: with the Bloomberg Business app. Mm hmm.